I negotiated a great lease on an SR5 Tundra (thanks to numbers from @Jrouleau426) in Ohio.
I emailed the dealer initially because they had a truck on the lot that was comparably spec’d to one that @Jrouleau426 was offering [before they all sold]. In the initial email to the dealer, I included the stock # and VIN of the truck I was interested in. I negotiated via telephone over a couple of days with a sales manager who told me all of the old salesman quotes; repeatedly telling me he didn’t like to play games, the truck on his lot had a higher MSRP (~$800) than the offer I had through a broker, that [the dealership] couldn’t just give vehicles away, and called back the following morning to say “I slept on it, and I want you to have that truck— I’ll do your deal”.
Long story short, lease is approved, and they’re going to deliver the car to me with contactless delivery. The night before, I ask for the paperwork to be emailed to me so I can review it before delivery and spend less face to face time with the delivery man. Manager says that it’s super busy being the end of the month, and he can’t get it out before delivery. But, we go over the numbers one more time and I’m satisfied.
The following morning, a truck shows up as promised— just turns out it’s not the truck we talked about (or one that I want). I call the sales manager and he realizes that he’s made a mistake. Unfortunately, the truck we were talking about had been sold to someone else. The driver took the truck back and the manager says he’ll work on trading with other dealerships in the area to find the truck. But it’s been over 24 hours since then with no luck so far, and it’s looking less likely by the hour.
So here’s where I sit:
I don’t have a truck, but do have a hard credit pull from US Bank
Dealership still has my deposit (I haven’t pressed about getting it back yet)
I can’t imagine I have any recourse here, and my gut is telling me to cut my losses and just ask for a refund on my deposit. Are there any other options at this point?
It’s only been 24 hours as you said. I think I’d give him a full business day to try to locate something. If he has not gotten back in contact with you by the second business day I’d call/email him to check status. I think I’d give them at least a few days before I’d ask for the deposit back. Assuming this new truck will be leased to you under the same conditions as the first one. If he is trying to locate one for you and honor the original deal it seems like he is acting in good faith.
Also, OP’s title about being “hosed” makes it sound like the dealer took advantage in some way. From what I read it appears to be an honest mistake. Especially if they are trying to rectify the situation. So, I think it’s premature to say you got “hosed.” We don’t know that for sure yet. End the end you may be…just not there yet…lol
It’s been 24 hours on what was likely one of the busier days at a dealership and every other dealership that they could possibly trade with…i’d say your chances are increasing not decreasing by the hour?
What’s wrong with having a hard pull on your credit? It’s a 6-8 point drop and assuming you go through with a US Bank lease somewhere then it will count as 1 pull. Worst case you decide not to get any vehicle and it’s back to where it was in 2 months.
As far as I’m aware, the issue is the lack of supply of Tundras at the moment since the factory was shut down— and dealers have been less willing to make deals on remaining stock.
As far as the hard credit pull not being a big deal— sure, one hard pull isn’t the end of the world. I’m not buying a house or planning any major loans otherwise. That being said, I’m still cautious about hard pulls; it’s an easy way to not lose points on your score.
Currently the dealership is out a sale and will do what it can to save the sale which is get what you want. It does take some time communicating back and forth with dealerships. You all know how dealerships are known for poor communication…imagine two dealerships talking to one another.
Yes, my initial email included both. All other communication had been over the phone— but we definitely negotiated on a different truck than they attempted to deliver and the sales manager acknowledges that.
That use to be one of my favorites, customer comes in on certain car xyz options and I already know it’s the only one in the state, quote him a deal. Next day I get a call about a dealer trade, I say no way!